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First New Oil Drilling in State Waters in 40 Years Part of Governorís Revised Budget Plan
California'sCapitol.com ^ | 5/14/09

Posted on 05/14/2009 6:59:31 PM PDT by NormsRevenge

SACRAMENTO – Among the proposals in the Capital A austere revised budget Governor Arnold Schwarzenegger unveiled May 14 is collecting $100 million by allowing new oil drilling in state waters off the California coast for the first time in 40 years.

Awarding the lease would nullify a January ruling by the three-person State Lands Commission, which regulates drilling in the first three miles off the California coast.

The commission rejected the lease sought by the Plains Exploration and Production Company to drill in Tranquillon Ridge, offshore from Vandenberg Air Force Base near Lompoc on a 2 to 1 vote, despite support by environmental groups.

“I am concerned about setting a precedent in approving California’s first offshore oil lease in 40 years,” said State Controller John Chiang in defending his “no” vote on the commission, which has not approved an offshore oil lease since the 1969 Santa Barbara oil spill.

The only “aye” vote came from Schwarzenegger’s representative on the commission.

The GOP governor reiterated his long-standing opposition to offshore drilling in June 2008, breaking with then-President Bush and U.S. Senator John McCain, who called for lifting the ban.

“California’s coastline is an international treasure,” Schwarzenegger said at the time. “I do not support lifting this moratorium on new drilling off our coast.”

The Schwarzenegger administration stresses that only this one lease will be sold, drilling will be done from an existing platform in federal waters and the project enjoys broad environmental support.

(Excerpt) Read more at californiascapitol.com ...


TOPICS: Business/Economy; Culture/Society; Politics/Elections; US: California
KEYWORDS: calbudget; calenergy; california; offshoredrilling; oildrilling; pxp; schwarzenegger; waters
In desperate times, men do desperate things.. it's a drop in the bucket, a pittance yet even his own green will chew him a new one for even proposing this.
1 posted on 05/14/2009 6:59:31 PM PDT by NormsRevenge
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Is this Plains energy firm the same that Soros was reported investing money in? hhmmm


2 posted on 05/14/2009 7:01:12 PM PDT by NormsRevenge (Semper Fi ... Godspeed.)
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To: thackney

Ping.


3 posted on 05/14/2009 7:07:06 PM PDT by Army Air Corps (Four fried chickens and a coke)
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To: NormsRevenge
“I am concerned about setting a precedent in approving California’s first offshore oil lease in 40 years,” said State Controller John Chiang in defending his “no” vote on the commission, which has not approved an offshore oil lease since the 1969 Santa Barbara oil spill.

This collects 100 million dollars without adding one person to the unemployment lines. Someone get a tape recorder and ask him how California should raise money then.

Good for Arnold. It's probably way too little, way too late, but at least it is a step in the right direction.

4 posted on 05/14/2009 7:08:26 PM PDT by Vince Ferrer
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To: NormsRevenge

However it’s the right thing to do. Drill! Drill! And drill some more!!


5 posted on 05/14/2009 7:11:38 PM PDT by GOP_1900AD (Stomping on "PC," destroying the Left, and smoking out faux "conservatives" - Take Back The GOP!)
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To: txhurl

Arnie gets a glimmer of a clue.


6 posted on 05/14/2009 7:12:42 PM PDT by Army Air Corps (Four fried chickens and a coke)
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Opportunity knocks louder for some in California

Buying Plains Exploration & Production Company, George Soros Is Betting on Rising Oil Price
http://www.gurufocus.com/news.php?id=54449

(GuruFocus, May 5, 2009) Investment Guru George Soros bought 6.46 million shares of Plains Exploration & Production Company’s (PXP) common shares. The transaction occurred on April 21, 2009. The purchase price was $20.10 per share. This is a new holding for George Soros, according to GuruFocus data.


7 posted on 05/14/2009 7:15:16 PM PDT by NormsRevenge (Semper Fi ... Godspeed.)
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To: NormsRevenge
"Is this Plains energy firm the same that Soros was reported investing money in? hhmmm"

Looks like it:

From GuruFocus, May 5, 2009. "Investment Guru George Soros bought 6.46 million shares of Plains Exploration & Production Company’s (PXP) common shares. The transaction occurred on April 21, 2009. The purchase price was $20.10 per share. This is a new holding for George Soros, according to GuruFocus data."

Rest of article here:

Click here

8 posted on 05/14/2009 7:15:41 PM PDT by mass55th (Courage is being scared to death - but saddling up anyway...John Wayne)
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To: NormsRevenge

Yes. Good catch. From StreetInsider.com:

May 4, 2009 9:54 AM EDT

In a 13G filing after the close Friday on Plains Exploration & Production (NYSE: PXP), George Soros’ hedge fund Soros Fund Mangement disclosed a 5.38%, or 6,467,400 share, stake in the company. The firm did not show a stake in PXP at the end of the quarter ended 12/31/08. A 13G indicates a “passive investment” over 5%.

Plains Exploration & Production Company engages in the acquisition, development, exploration, and production of oil and gas properties primarily in the United States.


9 posted on 05/14/2009 7:17:07 PM PDT by Cicero (Marcus Tullius)
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To: Cicero

Can you say insider trading issue?


10 posted on 05/14/2009 7:19:06 PM PDT by SoConPubbie
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To: NormsRevenge
Did y'all see this? NY Post Page Six

Styler herself added, "Yes, I do take planes. My life is to travel and my life is also to speak out about the horrors of an environment that is being abused at the hands of oil companies."

I almost busted a gut when I read that. What a dork! Does she eat meat to keep her strength up so she can travel the world denouncing the beef industry, too?

11 posted on 05/14/2009 7:27:58 PM PDT by synbad600
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To: NormsRevenge

Which explains why Soros increased his holdings of Plains Energy yesterday to 6.4 million shares. Just follow his money and you will know what the politicians will soon be doing policy-wise.


12 posted on 05/14/2009 7:51:18 PM PDT by kittymyrib
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To: NormsRevenge

Is Arnold waking up?


13 posted on 05/14/2009 8:09:44 PM PDT by Salvation ( †With God all things are possible.†)
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To: Salvation

“Is Arnold waking up?”

Hell no, the commie wants the tax dollars!


14 posted on 05/14/2009 8:20:07 PM PDT by dalereed
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To: NormsRevenge; Dog Gone; blam; BOBTHENAILER

Drill baby!


15 posted on 05/14/2009 8:22:30 PM PDT by Southack (Media Bias means that Castro won't be punished for Cuban war crimes against Black Angolans in Africa)
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To: NormsRevenge

“Collecting $100 million by allowing new oil drilling in state waters off the California coast for the first time in 40 years.”

I CAN’t BELIEVE IT!! Has a light bulb finally flickered in Sacramento?????


16 posted on 05/14/2009 9:47:36 PM PDT by Marie2 (The second mouse gets the cheese.)
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To: Southack

About time they figured out the obvious....


17 posted on 05/15/2009 8:24:44 AM PDT by BOBTHENAILER (the obamination will ruin this nation)
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To: NormsRevenge

They have very heavy natural oil seeps in that area. They might as well put the oil to good use.


18 posted on 05/15/2009 8:27:34 AM PDT by Moonman62 (The issue of whether cheap labor makes America great should have been settled by the Civil War.)
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